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I TAXES; LISTING? ASSESSMENT § 273.11 of this subdivi- Ceaperative apartments. For the purpose, them. gubd. 8. Limited equity ter 308A, which terms defined in this subdivision have the inn organize der chap embers sion, theoration g A "limited equity cooperative ' is a core and related services to its m primary purpose the provision of housing e ofpercent of area has as its P win criteria with respect to the it comss an 90 members- a a which meets one of the following trinimum of 75 percent of members must have f m.2s r or 0percent of members must ' imum of 40 percent of membersmust have incomes at or less median income, (2) a min For purposes of this than 60 percent of area median income, ent of areal median income.bxisting at the time the have in at or less than hall mean the income of a memLil clause, "member income member come and median income shoU tedStateSt. epart- ul cl Depart - cooperative m determined by the member acquires coop requirements* Minneapolis metropolitan area median income as cooperative and Urban Development. It must also moccu ancylent liingq e ment of Housing rovided m th a ,The articles )f incorporation set the sale pace o P () >, cships at no more than a transfer e following* as p shares or mem not exceed the sum the first occupant of the articles. That value mayid for the membership or shares by (1) the consideration p oration; improve - is .r the records of the corporation, of any P unit, as shown in the value, as f the Corp of the member with the (2) the fair market that were installed at the coie expense ments to the real property of a ten prior approval of the board of an inflation not toaid for the membership or ted interest, or an inflation allowance considerationepceed the greater aid on that (3) accumulated ot, increase on th percent annual noncomp a rate of the pereentugp increase in the t occupant a the unit, or the mount that would have been P -S� Paul share by the firs aid on it at consideration if u1terest had been p eat of Labor, provided that the er rice index for all urban consumers for for the or. provided fraction revised consumer price by the United Statesnot exceed $� for each year metropolitan area prepared amount determined pursuant s this clause owned; plus ration to have of a year the membership or share of the corpo or of al Prop capital contnbutions shown in the records a membership, (,1) rep •evious holders of the seta n aid by the transferor member omit ed poccupancy to the unit of t account the a of which bseep�P� memberships that had n rage reserve . nt button nta or acquisitions, con+tribu, and th® amount of These contributions include nrrptbutaons to a eorpo or acquisitions frail is restricted to real property im rovements the financing ° raUon on its >ndeb g o p nCipal paid by the corporation Lion which �� the acnrpo � e averagu►g Principal, improvement or th Property acquisition or amp rt related indebtedness. purchase over the term of its real pro require that the board of directors lisid the Iles of incorpomuon ceq , u ants or resident orstock us Ib) The aril inten'sts far new member-oec p price of stock or membership rich dc}rs not exceed the transfer value for the membc r�hip erg to an amount which ital to a defined in clause (a)' inco riruon n�quire that the total dL�tnhuUon out of cup (c) The articles of rP° ration any uin� that upon li uidation of the corpo mcmbur shall not excc�d that t�-:►nsf�'r value. nq distribution to mcml>+an+ will be Ilex of incorporation rezl ci (d) The aril , after re of corporate debts u rnal assets Tenmain►nf� 31 19S6,1 or a public agency, le or uniu►tion desenbe+d in auction ;,01(c?l31 of the me conveyed to a charitab a�itnclyd chruugti D��Cemb`r a limited equity Revenue Ccxle °f 1913G' � " iB a dwelling unit owns by A "limited e(luity cooperative apartment Coopt'rntive• itivi, wham or mvmbeCaliil)" i� ecl% ownerslh` to Occupy rtst in � "Occupanc}' entitling Coops r� which en the holder w an exclusivw ni, Cooperative orgtanintion the eoop�'ratav'' tilt unit owned or leased by a limited eq dwellint, ca iti lixing ti es of taxation. the assessor shall t114'uViiltlt! dewrCni ed by p For uurWk , is market value cooperative t%c ,,, ie:;scr Lf its 46 cooperatives. If clauses (a) to (d), of the.difference ' last ten years tht amount that woti it. The additions extended against nended by La 126 U.S.C-4- § 1989 Legislation Laws 1989, C. Laws 1998, c. 71 struction, by excl Rate Subd. 3. 198E terms of mills a Minnesota Statul tax cap=ty rats rates for taxes p adjusted assew capacities" by m tax capacity rs' assessors of Min the 1987 marks established in La and estimate VA district under t1 graph (c), and 2 Amended by Law 1989 Lcsiria On Laws 1989, C- S c, 3.29. art,. 13, manner. For 91 7 Iron Subd. 2. On person subject notice of the M to adjustment 1 person at the ac the validity of t to mail such I On the first s shall hold a hoc